Conglomerate Piramal has invested $73m in the solar energy developer, part of which will go to buying out power producers and investors EDF and Eren.

Corporates EDF and Eren have recorded an exit from India-based renewable energy developer Acme Cleantech Solutions in a Rs 5bn ($73m) investment by conglomerate Piramal Group, LiveMint reported today.

Acme has built out about 600 MW of solar power plants in India. It has another 400 MW of projects in construction and has secured power purchase agreements for a further 500 MW, and aims to have a 1 GW portfolio in operation by the end of the 2016-17 financial year.

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